Top Five Questions relating to Drybrook leasehold conveyancing
Planning to exchange soon on a garden flat in Drybrook. Conveyancing lawyers assured me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Drybrook should include some of the following:
- You should be sent a copy of the lease
I have just appointed agents to market my garden apartment in Drybrook.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
What advice can you give us when it comes to choosing a Drybrook conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Drybrook conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Drybrook conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Drybrook with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Drybrook can be reduced where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
- The majority freeholders or Management Companies in Drybrook levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Drybrook.
Completion in due on the sale of our £225000 flat in Drybrook in 10 days. The freeholder has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Drybrook?
Drybrook conveyancing on leasehold maisonettes normally requires the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are entitled charge a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it is above £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the charge is technically not due. In reality one has little option but to pay whatever is demanded should you wish to sell the property.
I acquired a 2 bed flat in Drybrook, conveyancing formalities finalised 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Drybrook with an extended lease are worth £267,000. The average or mid-range amount of ground rent is £65 levied per year. The lease expires on 21st October 2074
With just 54 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.